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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): December 27, 2024
HOMESTREET, INC.
(Exact name of registrant as specified in its charter)
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| Washington |
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001-35424 |
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91-0186600 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
601 Union Street, Ste. 2000, Seattle, WA 98101
(Address of principal executive offices) (Zip Code)
(206) 623-3050
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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| Securities registered pursuant to Section 12(b) of the Act: |
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| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Common Stock, No Par Value |
HMST |
Nasdaq Global Select Market |
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| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Act or Rule 12b-2 of the Exchange Act. |
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Emerging growth Company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 12(a) of the Exchange Act. |
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| Item 2.01 |
Completion of Acquisition or Disposition of Assets |
On December 27 and 30, 2024, HomeStreet Bank, a subsidiary of HomeStreet, Inc., a Washington corporation (“HomeStreet” or the “Company”) (Nasdaq:HMST), completed the previously announced sale, on a servicing retained basis, of $990 million of multifamily commercial real estate loans, at a price, including the value of the retained servicing, of approximately 92% of the principal balance of the loans. Substantially all of the proceeds from the sale were used to pay down Federal Home Loan Bank borrowings.
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| Item 7.01 |
Regulation FD Disclosure |
A copy of the press release issued on December 31, 2024 regarding the completion of the loan sale transaction is furnished as Exhibit 99.1 to this report.
The information provided pursuant to this Item 7.01 shall not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing or other document filed by the Company pursuant to the Exchange Act or the Securities Act except as shall be expressly set forth by specific reference in such filing or document. The information provided pursuant to this Item 7.01 shall instead be deemed “furnished.”
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| Item 9.01 |
Financial Statements and Exhibits |
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| (d) |
Exhibits. |
| Exhibit 99.1 |
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| Exhibit 104 |
Cover Page Interactive Data File (embedded within with Inline XBRL) |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: December 31, 2024
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| HomeStreet, Inc. |
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| By: |
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/s/ John M. Michel |
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John M. Michel |
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Executive Vice President and Chief Financial Officer |
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EX-99.1
2
pressrelease-closeofloansa.htm
EX-99.1 PRESS RELEASE CLOSE OF LOAN SALE
Document
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| NEWS RELEASE |
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| https://ir.homestreet.com/news-events/news/default.aspx |
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HomeStreet Closes sale of
$990 Million in Multi-Family Loans
SEATTLE, WA - December 31, 2024 - HomeStreet, Inc. (Nasdaq:HMST), the parent company of HomeStreet Bank (the "Bank"), announced the closings of the previously announced sale by the Bank, on a servicing retained basis, of $990 million of multifamily commercial real estate loans, at a price, including the value of the retained servicing, of approximately 92% of the principal balance of the loans. Substantially all of the proceeds from the sale were used to pay down Federal Home Loan Bank borrowings.
About HomeStreet, Inc.
HomeStreet, Inc. (Nasdaq:HMST) is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Its principal subsidiary is HomeStreet Bank. Certain information about our business can be found on our investor relations web site, located at http://ir.homestreet.com. HomeStreet Bank is a member of the FDIC and an Equal Housing Lender.
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| Investor contact: |
| John Michel, Executive Vice President, Chief Financial Officer |
| john.michel@homestreet.com |
| 206-515-2291 |
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| Media contact: |
| Misty Ford |
| misty.ford@homestreet.com |
| 206-876-5506 |
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